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2020 ANNUAL REPORT In an effort to provide a more © Todd Winslow Pierce comprehensive experience for our From Our Board Chair and CEO donors and partners, we continue Our annual report highlights The Conservation Fund at its best—innovative, solution oriented and to reduce printing and move more committed to addressing America’s most pressing conservation challenges. It also underscores that information to our online Annual Report. while we have much to be proud of, there is still a lot of work to do.

Please enjoy the digital report at This past year was filled with unprecedented difficulties, and as we slowly move away from conservationfund.org/annualreport. the worst of the pandemic, we must not forget the important lessons we learned. One of them is the critical role nature plays in nearly every aspect of our lives. From the food we eat and the water we drink, to the places we go to find solace—nature delivers. We are grateful to have opportunities to make a real difference on the ground and in people’s lives:

• Accelerating progress on natural climate solutions to address climate change, protecting biodiversity and water quality, and reinvigorating rural economies through the protection of America’s last large, intact working forests. Our Working Forest Fund® is delivering tremendous results and is poised for significant growth.

• Ensuring we are fully prepared to help implement the Great American Outdoors Act (GAOA), with its full and permanent funding of the Land and Water Conservation Fund, by increasing the ready capital in our Revolving Fund. Our Revolving Fund is the financial mechanism that allows us to move quickly to acquire critical conservation lands when opportunities arise, and we must scale up accordingly to meet the increased demand anticipated with passage of the GAOA.

• Continuing to integrate equity, diversity and inclusion into our programs and across our organization, such as our work to protect African American historic sites like Fort Blakeley in Alabama, and to create new greenspaces in underserved communities in Atlanta, Georgia; Kansas City, Missouri; and Richmond, California.

During our first year of operation in 1985, we completed two conservation projects protecting 450 acres. By the end of 2020, we had completed 3,522 projects, conserving a total of more than 8.4 million acres across all 50 states valued at more than $7.3 billion. With an amazing staff and board, and outstanding partners and supporters, we are well positioned to build on this legacy. Together we will accelerate the conservation of America’s magnificent land legacy while providing equitable and just economic opportunities that support sustainable communities. Please join us.

Jay Winthrop, Board Chair Lawrence A. Selzer, President and CEO Highlights from 2020:

Our Working Forest Fund® acquired more than 94,000 acres of high conservation value forestland, facilitated the protection of nearly 1,100 acres under conservation easements and conveyed over 10,500 acres to long-term stewards. To date, we have maintained or generated more than 5,400 jobs and acquired over 750,000 acres of Worked on 138 projects in 31 states and at-risk forests with approximately 178 conserved over 187,000 acres valued at million metric tons of carbon dioxide © Justin Spring © EcoPhotography more than $317 million. equivalent (MTCO2e) stored.

Conserved 30,850 acres of farmland Over 5,000 donors supported projects and ranchland as part of the total across the U.S., and 499 donors made 187,000 acres conserved in 2020. © Ivan LaBianca regular monthly donations. © Whitney Flanagan

Disbursed 51 grants totaling $1 million in private philanthropic funds and, in partnership with Livingstone College, Received $38 million in private reimbursed 81 groups for COVID- contributions from individuals, related food relief totaling more than © EcoPhotography foundations and corporations. © Ezra Gregg $1.25 million in CARES Act funding. Investing in Forests to Fight Climate Change

Research and development into technological solutions for carbon capture will play a critical role as we fight climate change. However, many of these concepts may take years, if not decades, to become a reality. We simply cannot wait that long. Luckily, we already have one critical technology that is working on a global scale to remove harmful carbon from the atmosphere at an unmatched level of efficiency. That technology, honed over millions of years of evolutionary best practice, is called a forest. America’s forests absorb roughly 16% of U.S. carbon emissions annually while providing many other essential benefits like clean drinking water, wildlife habitat, recreational access and economic opportunity. Unfortunately, we are losing forestland at a staggering rate, and that loss is irreversible. Experts expect to lose as many as 37 million acres in the coming decades—an area © EcoPhotography roughly the size of Florida. Investing in Forests to Fight Climate Change At The Conservation Fund, we are fast-tracking efforts © Chad Riley to prevent forest loss by working with public, private and nonprofit partners to secure5 million acres of at-risk forests across the country over the next 10-15 years. While we wait for the development of new technologies for carbon capture, we are investing in America’s forests as one of the best and cleanest ways to combat climate change right now.

What are some of the benefits of protecting 5 million acres of forestland?

Climate Economic Clean Water Mitigation Opportunity Water for thousands of communities One billion MTCO e will Forestry and recreation 2 will be filtered, and be secured and stored. economies will generate a approximately 6,500 The carbon stored in total economic impact of miles of rivers and these forests is equivalent approximately $5 billion. streams will be to the carbon emitted protected. by burning more than a trillion pounds of coal. Investing in Forests to Fight Climate Change: Chadbourne Tree Farm In 1634, William Chadbourne arrived in western Chadbourne Tree Farm Maine from England, sent by King Charles I Chadbourne Tree Farm to establish a sawmill on what originally was at a Glance: Wabanaki ancestral homeland. He built that sawmill in South Berwick, and it’s thought to Maine be the first sawmill in America. Over the past 400 years and 12 generations, members of the Chadbourne family built a distinguished legacy of meticulous forestry practices on their land. The forest is now considered one of America’s most prized white pine forests, and the family’s Filters 18.3 billion gallons tree farm has supported the livelihoods and of water every year economies of communities throughout the region.

When family members recently decided it was time to transition away from the forestry business, they wanted to make sure their land could still be conserved, and we acted fast to make sure it was done right. By utilizing our Working Forest Fund, we acquired more than 15,000 Stores 3.6 million MTCO e, acres in partnership with the Malone Family 2 equivalent to removing 790,000 Land Preservation Foundation. To maintain and expand ecologically responsible timber practices, passenger vehicles from our we will seek to certify the forests to the Forest roads annually Stewardship Council (FSC) and Sustainable Forestry Initiative (SFI) forest management standards, ensuring that the working forests will be sustainably managed. Sustainable forest management will conserve the diverse biological communities while supporting the local economy and enhancing outdoor public recreation.

This acquisition provides time for us and our partners—Inland Woods + Trails, Mahoosuc Land Trust, Western Foothills Land Trust, the state of Maine, U.S. Forest Service and others—to raise the funds needed to permanently conserve the forests. In doing so, we’ll protect this historic landscape from development, advance critical watershed protection for over 200,000 residents in Portland and a number of adjacent towns, conserve climate resilient wildlife habitats and secure the family legacy.

Connecting to nature as I hike and ski in the Sebago region woods is more important than ever for health and well- being. I feel honored that Sebago Clean Waters is helping to ensure access to clean drinking water, clean air and outdoor opportunities for everyone.” Karen Young, Coordinator, Sebago Clean“ Waters Initiative

Forests impact more of your life than you may realize—they purify the water you drink! Approximately 3,000 acres of Chadbourne Tree Farm are within the Sebago Lake watershed, which drains into Casco Bay through the Presumpscot River. Sebago Lake is the main source of drinking water for the greater Portland, Maine, region, and one of only 50 surface drinking water supplies in the country that does not require filtration before the water treatment process. The 234,000-acre watershed achieves this exceptionally pure water through the forests surrounding the lakes, rivers and streams, which act as a natural filter for the soil and drinking water of Portland and its neighbors.

Unfortunately, with only 11% of its watershed forests conserved, Sebago Lake is also one of the The intake house maintained by the Portland Water Northeast’s most threatened watersheds. District in Chadbourne Cove on Sebgao Lake, 1916. Sebago Clean Waters is working with The Conservation Fund to help protect even more of those forests to make sure the water supply stays protected. With the purchase and conservation of the Chadbourne Tree Farm, Sebago Clean Waters is now 10% of the way to its conservation goal. The protected forests will not only ensure clean drinking water, they also will support recreation; tourism; a thriving local and state economy; and important © EcoPhotography habitat for a diverse ecological community of brook trout, indigenous salmon and other native species. Investing in Forests to Fight Climate Change: Minnesota’s Heritage Forest At the beginning of the 21st century, Minnesota’s Heritage PotlatchDeltic, a leading for-profit timberland Minnesota’s Heritage Forest owner, was one of the largest landowners in Forest at a Glance: Minnesota. When the company decided to begin selling its rural timberlands, the fate of those Minnesota forests and the benefits they provide to the climate, people and wildlife became uncertain. But we saw a new future for these lands.

In 2013, we began working with the company Filters 53.2 billion gallons to identify land with the most valuable of water every year conservation and economic benefits, such as exceptional water quality, wildlife habitat and recreational opportunities like fishing, hunting and wildlife watching. Most of these lands are within the headwaters area of the Mississippi River, which provides crucial habitat for more than 350 wildlife species—including many of the endangered, threatened and rare species listed Stores 19.41 million MTCO e, in Minnesota. 2 equivalent to removing 4.19 In 2020, we acquired 72,440 acres and named million passenger vehicles from it Minnesota’s Heritage Forest. The purchase, our roads annually one of the largest private land conservation acquisitions in state history, buys time to develop permanent conservation strategies that will preserve the working forestland and safeguard jobs while benefiting our environment and mitigating climate change.

Approximately 32,000 acres of the forest are within the reservation boundaries of two bands of the Minnesota Ojibwe (Chippewa) Tribe. As part of this work, we are dedicated to a future where the Bois Forte Band and the Leech Lake Band own critical sections of the land to sustainably manage for economic, cultural and environmental purposes. We are actively working with county, state, tribal and local governments to determine the best conservation and sustainable management outcomes for the forestland, with the goal of transferring ownership to public and tribal entities over the next decade.

This acquisition, specifically with The Conservation Fund, means so much to our community as it continues to build up our limited land base. Securing these parcels of land within the reservation boundaries increases our usufructuary rights on all public lands and builds confidence and pride amongst our community members. We are actively looking to increase our regulatory authority, and land acquisition is our main opportunity“ to control our nation’s future. We want to leave the next generation better off than when we found it, or how we started, and in being strategic with our land purchases, we are building a sustainable land base for those future generations. © Jay Brittain Currently we are in a shortage of land to lease to band members, and establishing homesites for our members is a top priority. Unlike other tribal nations, the Leech Lake Band of Ojibwe can obtain true food sovereignty thanks to our abundance of forests, wetlands and, most importantly, our wild rice producing waters. Land acquisitions allow us to control our renewable resources such as fresh water, timber, wind, sun and any other resource that one will find within the exterior boundaries of our beautiful reservation.” Joseph Fowler, Land Director, Leech Lake Band of Ojibwe

The following two stories represent our commitment to protecting lands important to America’s history and ensuring healthy outdoor spaces in underserved communities. We are working to ensure that our projects are evaluated and implemented in a manner that prioritizes access and equity. © Olivia Jackson Ensuring History is Remembered and Communities are Empowered: Fort Blakeley These peaceful, pine-covered bluffs overlooking the Mobile-Tensaw Delta in southern Alabama DAWN CHITTY Fort Blakeley once witnessed one of the last battles of the Civil War. In mid-March 1865, Major General Frederick Steele marched his Union troops west from Alabama Pensacola, Florida, heading toward Fort Blakeley, a Confederate stronghold built atop these bluffs. He arrived April 1, joining other troops, including one of the largest concentrations of African American soldiers to fight anywhere in the Civil War. After a weeklong siege, the U.S. Army, including 5,000 Black soldiers from the U. S. Colored Troops* (USCT), conquered the fort on April 9, 1865.

Remarkably, many remnants of this story are found in the soil itself. Archaeologists have © Leslie McKellar/College of Charleston been able to study trenches, gun emplacements and other marks of battle at the Blakeley Bluff property. This land is key to learning more about the USCT and recognizing their significant contributions to the war efforts and our The Battle of Fort Blakeley is one of the most country. In addition to its historical importance, important Civil War stories you’ve likely never the Blakeley Bluff property has significant heard. Not only was it among the last major fights conservation value with unique ecology and a of the war, but it ended in the resounding defeat diversity of plant species, including hibiscus, of Confederate forces by one of the heaviest orchids and the rare Alabama dahoon holly. concentrations of USCT in any one battle.

When concerns arose that this historic landscape More than 200,000 Black soldiers fought for the might be developed, we purchased the 60-acre United States between the Revolution and the battle site with help from our partners. This end of the Civil War before receiving citizenship. move ensures future opportunities for education, Preserving the land where these soldiers fought archaeological discoveries and ecological honors their role in ending the war, while also research. One of our partners, the University of expanding historical research opportunities and South Alabama, holds a conservation easement safeguarding one of Alabama’s most significantly on the land, which means it will remain a piece endangered ecosystems. of history we can all experience.

*The historical term used for this troop of soldiers during the Civil War.

The Battle of Fort Blakeley is an important testament to the role African Americans played in obtaining their own freedom and affords a diverse view of history that inspires and empowers inclusive communities.” Dawn Chitty, Director of Education, © Keith West African American“ Civil War Museum Ensuring History is Remembered and Communities are Empowered: Marlborough Greenspace Throughout the 20th century, discriminatory © Ivan LaBianca housing practices, school zoning, interstate Marlborough Greenspace development and redlining aggressively shaped the demographics and socioeconomics of cities across the country and continue to affect people Missouri of color. In Kansas City, Missouri, the impact of racial segregation is illustrated along Troost Avenue, which runs through the heart of the city, dividing the historically Black neighborhoods from the predominantly white downtown. In recent years, local residents, organizations and the city have been working to improve community wellness in historically Black neighborhoods like the Marlborough Community through infrastructure improvement, environmental restoration and economic development.

The lack of greenspace and natural barriers in the Marlborough neighborhood caused severe flooding for years, prompting the city to buy a condemned lot along the side of Troost Avenue and construct a large wetland detention basin. After years of construction, during which the area was an inaccessible eyesore locals called “the big hole,” the property now captures 11 million gallons of stormwater annually.

Building on the city’s infrastructure investments, The Conservation Fund, the Marlborough Community Coalition and Heartland Conservation Alliance, with support from U-Haul®, partnered with other local stakeholders to turn the area around the basin into a usable public greenspace that also provides workforce training opportunities for the community.

Marlborough Greenspace includes a playground, a meandering walking trail, recreational areas and native gardens, all designed with extensive input from community members. As one of the only publicly accessible natural spaces in the area, it provides residents with a new opportunity to connect with nature in a space that’s close to home during the COVID-19 pandemic and beyond.

As a longtime resident, I have many memories of growing up in Marlborough, attending St. Augustine Catholic School, going to the 7-Eleven and playing baseball in the church parking lot. There was not a lot of park space back then.

So now, it is a really great experience to drive down Troost and see the park full of kids, zip lining and doing a lot of different things. You look at that, and you can really see the impact“ this greenspace has on the community and how it is starting to bring about the change that I’d like to see— making Marlborough more family-centered.

The reason I got involved with the Marlborough Community Coalition’s work is I saw a lot of the good things going on in the neighborhood, and I wanted to help bring back that kind of community spirit to Marlborough. It really feels like this park is a feather in the cap of Marlborough that everybody loves. That’s one of the core things that we love to do, trying to improve the quality of life. Hopefully, it also spurs investment and real pride in the community.

We are very appreciative of all the work The Conservation Fund and our partners have done to help get things moving forward for Marlborough, and we are looking forward to seeing what else we can continue to build.” Jeff Primos, President, Marlborough Community Coalition With the passage of the Great American Outdoors Act in 2020, the amount Funding the Future of of money available for public land protection through the federal Land and Water Conservation Fund (LWCF) doubled. Yes, now there is more federal Conservation in America money available to protect more land, but there is a missing link. When landowners are ready to sell properties, it takes time for federal and What do our conservation stories have in common? Forethought. We state agencies to get the LWCF funds in-hand to buy and permanently work strategically today so that current and future generations will protect them. Our Revolving Fund provides the ready capital needed to be able to connect with and benefit from the natural world even as bridge the gap until our partners can pay us back and ultimately protect populations grow, the climate changes and development expands. important places forever.

Our Revolving Fund revolves in and out of projects every two years on average, and this continues in Our Revolvingperpetuity—conserving Fund revolves in and out acreof projects after every acre. two years on average, and this continues in perpetuity—conserving acre after acre.

Today Our Revolving Fund Two to Three Years Later

We provide the ready FOR capital needed to bridge SALE the gap until our partners PROTECTED can pay us back and ultimately protect important places forever.

Thousands of our projects would not have been possible without this innovative finance solution. Read on to learn about three examples from 2020. 

© Ian Shive Funding the Future of Conservation in America: Grand Teton NP Have you ever been or aspire to be one of the © David Stubbs 3.4 million yearly visitors to Grand Teton National Grand Teton NP Park? Even as one of America’s most beloved and frequently visited parks, Grand Teton still faces threats that could disrupt its iconic viewsheds and Wyoming places to connect with the majestic mountains and valleys. Can you imagine if these lands were blocked by inappropriate development?

Many people might not realize that within a park’s boundaries, there can be portions of land that are privately owned and unprotected. These inholdings face a high risk of being sold and developed, which could compromise the park’s natural beauty and connectivity. One of these at-risk properties was a pristine 35-acre parcel at the park’s south entrance. The tract features a stunning view of the Teton Range and is an important corridor for the park’s diverse and striking wildlife, including elk, mule deer, mountain lions, grizzlies and black bears.

When the property went on the market in 2014, we knew we had to act fast. As Dan Schlager, our Wyoming State Director, puts it: “Conservation work often involves both urgency and patience.” By acquiring this land with money from our Revolving Fund, the National Park Service had the time it needed to get LWCF funding in hand, purchase the land from us, and officially add it to Grand Teton in 2020.

One of the headquarter centers at Grand Teton National Park is called The Laurance S. Rockefeller Preserve. It’s maybe 3 miles away from the property we worked on. Laurance S. Rockefeller is the son of John D. Rockefeller, Jr., who bought and donated much of the parkland. He wanted to create a visitors center that was reflective of the solace that you find in quiet places in the park, which can be challenging amid the many visitors during a busy summer. His visionary approach oriented the visitors center and the“ walks at the Preserve around the five senses.

Both of my children have profound hearing loss. We walked into that visitors center one time, when my youngest child was about 4, to a room oriented around sound. My son walks into the circular room and stands in the middle; the sounds that you hear are owls hooting, elk bugling and the sound that quaking aspen make in the wind with the leaves shimmering. He’s kind of wide-eyed and still. I ask him, “What do you hear?” After a long pause, bathing in the sounds of nature, he says, “I hear … everything.” This was at a time when we didn’t know if he would hear at all. That was a highly emotional moment that I will never forget.

I reflect a lot to my own childhood and think about the little park that I grew up next to and how that place planted a seed in me to love and protect natural places like Grand Teton NP. In addition to The Conservation Fund’s work protecting land and supporting local economies, I strongly believe that an important aspect of our work is planting seeds in the hearts and imaginations of the next generation. We have no idea what positive impact it may have. The little seed planted in me by a small neighborhood park blossomed to help protect a piece of Grand Teton. I am so grateful to have played a small role in the conservation of one of the greatest parks on Earth” Dan Schlager, Wyoming State Director, The Conservation Fund Funding the Future of Conservation in America: Berg Bay Like much of Alaska, Glacier Bay National Park © National Park Service and Preserve features some of the most valuable Berg Bay wildlife habitat, unique recreational opportunities and breathtaking landscapes in the country. But more importantly, it encompasses land sacred to Alaska the Huna Tlingit. Their ancestors once occupied Glacier Bay before an advancing glacier forced them to relocate from their homeland.

When a 150-acre property within the borders of Glacier Bay National Park went up for sale in 2018, we and our partners knew it had to be protected. Its pristine ecology and cultural values to the Tlingit people could not be lost. By utilizing capital from our Revolving Fund, we were able to step in, purchase the land and hold it until the National Park Service could acquire it with LWCF funding in 2020. Now the property known as Berg Bay is officially part of the national park where it will forever provide new lands to explore and the continuation of traditional tribal ceremonies.

The identity of the Huna Tlingit depends on maintaining meaningful connections with the Glacier Bay Homeland. Bringing our youth to sacred places like Chookanhéeni [Berg Bay] to harvest fish, to learn our stories, to be part of our history and to walk with ancestors— that is what sustains our culture. We cannot and must not let that go.” Bob“ Starbard, Tribal Administrator for the Hoonah Indian Association

© National Park Service Funding the Future of Conservation in America: Navajo River Watershed When our colleague Tom Macy first visited the Navajo River Watershed in southwest Colorado Navajo River Watershed 30 years ago, it was one of the most stunning places he’d ever seen. Made up of 10 privately held ranches and surrounded by national forest Colorado and wilderness lands, this nearly 65,000- acre landscape of rivers and mountains was reminiscent of Yellowstone or Yosemite. Its location made it a critical wildlife migration route. In fact, it was one of the last places that a grizzly bear was spotted in Colorado.

Fast forward 30 years to 2020. In what was one of his career highlights, Tom worked with various staff members, donors and landowners to protect the final piece of the Navajo River Watershed through a conservation easement funded by LWCF and a private foundation. Now these lands remain as private working ranches that will never be fragmented by development.

The lasting impacts of this project cannot be overstated. This watershed provides a critical sanctuary for migrating elk and mule deer; © John Fielder preserves water quality for 1 million people in New Mexico, including 90% of Albuquerque’s surface water supply; and will support economic benefits to the entire region for generations to come.

© John Fielder © Nicki Geigert Funding the Future of Conservation in America TOM MACY We are actively fundraising to DOUBLE our Revolving Fund dollars—allowing us to put new federal funds to work for conservation.

Back in 1990, our western staff In 2020, the Land and Water Conservation Fund (LWCF) consisted solely of … me. I was spread pretty thin across the west doubled through the passage of the Great American Outdoors but always kept an ear to the ground Act from $450M to $900M annually. for opportunities in Colorado. I heard rumor of a wilderness ranch on the To keep pace with this new funding, and act quickly to protect headwaters of the Navajo River, critical for wildlife migration and water quality, vulnerable lands and waters, we must grow our Revolving Fund coming up for auction. I dropped what by another $50 million. I was doing,“ went to the site and fell silent in awe. I immediately knew The Conservation Fund had to safeguard Please join us. this wild valley forever. As I reflect, I think about how this project will enable wildlife connectivity all the way downstream to tribal lands © John Fielder in New Mexico and how it preserves the historical range of grizzly bears in Colorado. Aside from these aspects, I also think a lot about how The Conservation Fund evolved over the life of this project—working with others to make these once-in-a-lifetime projects happen. There was always a community in the Navajo River Valley—the working ranchers, fourth and fifth generation families—and over time they bought into our wilderness preservation vision and became a part of it. We all left this place stronger than we found it” Tom Macy, Western Representative, The Conservation Fund

© Jay Brittain Ambition We Proudly Shoulder— Rich Erdmann’s Story During my childhood in Cranford, New Jersey, the Honoring our Founders, Pat Noonan woodlands bordering our home were clear-cut to make way for a housing development. Within and Rich Erdmann in Retirement a year the family farm down the street was sold, and the property, where I’d picked summer crops with the local farm kids, suffered a similar fate. One could argue this was progress, but frankly, Pat Noonan’s Story I took it personally. I felt devastated by the loss of the natural and open space and believe these When I was a young boy growing up in the events planted the seed of my future career in © The Conservation Fund Washington, D.C., area, my father acquired a land conservation. small farm an hour away in Montgomery County, Maryland. It was about 100 acres with an old Coupled with memories of those events, I can historic schoolhouse and a great little trout stream point to several people who helped shape who where I learned to fish. While I was away at college, I am. First and foremost are my parents, who we incorporated The Conservation Fund in March the county wanted to acquire it to create what’s encouraged me to pursue my passions while 1985 and launched our decades-long odyssey. now known as Little Bennett Regional Park. Thanks teaching me to be independent. Threads of their Looking back, one project in which I take deep to my dad’s counsel, I negotiated the sale of our emphasis on independence are woven throughout personal pride is the Champion International farm and while it was hard at first to not be a bit © The Conservation Fund the fabric of my life—in how I raised my three acquisition in 1999. At that time, it was the largest sad, I had the realization that the public would children and in my professional pursuits. It’s not multistate land conservation transaction ever enjoy that land forever. And I would still enjoy it, surprising that independence and self-reliance are accomplished by a not-for-profit organization. too. Looking back, it was one of the most satisfying core principles of The Conservation Fund. moments of my life and that experience helped The Fund purchased 296,000 acres of forestland guide me toward my true passion—conservation. for more than three decades, but the need to Another major influence in my life has been Pat across New York, Vermont and New Hampshire expand it remains stronger than ever. With the Noonan, whom I literally ran into on the football using our Revolving Fund capital along with After college, and after three years with the passage of the Great American Outdoors Act, we field at Gettysburg College in 1964 when I was a funding support from a diverse group of Maryland-National Capital Park and Planning have an exciting opportunity to protect land at a freshman and he was a senior. It was clear to me partners, including state and federal agencies, Commission, I found myself at The Nature pace greater than ever before. But just as in 1985, even then that Pat had a distinguishing drive and the Richard King Mellon Foundation and other Conservancy. I started as an intern in 1970 and we’ll need the capital to do so. sense of purpose. He is a visionary and a highly private philanthropies. The Champion deal was appointed president a few years later. I was respected conservationist among his peers and ranks among the most gratifying projects of my The Conservation Fund has always incubated new 29 years old, and it was frightening! But it was an the business community. career, and it set the stage for the creation of exciting time. Such a privilege to be there. ideas and kept the very best. Just as we envisioned our Working Forest Fund program. in the early days, we still work with government Without internet and cellphones, Pat and I Eventually I retired as president. I was ready for entities, corporations and other nonprofits; it’s managed to keep in touch after college. In 1973, In 1985 we had aspirations, but I could not have something new. Working with some of the greatest these partnerships that leverage our results and my final year of law school, I was entertaining predicted that by 2021 we’d have protected over people I knew—Rich Erdmann, KiKu Hanes and help define us as an organization. We still believe offers from law firms when Pat called me and 8.5 million acres, with a staff of nearly 200 of the Hadlai Hull—we founded The Conservation Fund, collaboration is key to success and that ideas asked if I would be interested in coming to work sharpest conservationists in the business, driven a nonprofit chartered for both conservation and grow bigger when you share them with multiple with him at The Nature Conservancy. I decided to by the same core values with which Pat and I economic development. But like other nonprofits partners and local communities. take the job, and we’ve worked closely together started—integrity, passion, innovation and the of the time, we needed capital for conservation for over 40 years. ability to make course corrections quickly and deals. That’s when the idea for the Revolving Fund It has been a special privilege to serve in the decisively. I’m proud to have helped build a first- was born. environmental field for the past 50 years. I’ve had Pat left The Nature Conservancy around 1980 rate team that cares deeply about our mission the pleasure to work with and share a passion and worked in the private sector, but I believe and this important work. Establishing the Revolving Fund was critical to for the environment with so many wonderful, he felt a higher calling and obligation to create our founding back in 1985, and it remains our dedicated professionals and volunteers. Every day a new model for land conservation that moved The advice I would give to people starting out in lifeblood today. When we acquire land, we draw these people reach beyond personal self-interest at a faster speed and used collaboration as conservation is that while individually you may not on our Revolving Fund to finance the deal; once to embrace a vision for the long-range goals of opposed to confrontation. The recognition that change the world, you can certainly accomplish that money is returned, it goes right to work on our natural resources and an improved quality conservation and economic development were things that will shift the world’s approach. Little the next great project. Early on, we received of life for everyone. Our future will be brighter not mutually exclusive was the central idea of bits over the course of 36 years can produce funding for our Revolving Fund from a few key than ever before as we engage our nation in the the new model. With that founding principle significant results—the Fund has proved that! funders, like the Richard King Mellon Foundation. newest era of sustainability. The gratitude of future as a driver and the support of several former The Revolving Fund has kept us moving forward generations will be thanks enough for our work. colleagues, including KiKu Hanes and Hadlai Hull, Remembering the Legacy of Two Conservation Heroes

Elizabeth “KiKu” Hanes Richard P. Mellon 1927-2021 1939-2020 On January 1, 2021, we lost one of the greatest Richard was born on May 19, 1939 and was the champions of conservation, KiKu Hanes. She eldest son of the late Gen. Richard King Mellon was one of the most active participants in great and Constance Prosser Mellon—passionate outdoor traditions—birding, hiking, hunting and conservationists who established the Pittsburgh- fishing. Especially fishing. From Scotland to based Richard King Mellon Foundation. Richard Iceland, Alaska to Argentina, she was a marvel was an avid outdoorsman and conservationist who with a fly rod. In fact, well into her 80s she and had an enduring love for the natural environment. her older sister traveled every year to fish for sea-run brown trout in Patagonia, sending back For more than three decades the Richard King pictures to Larry Selzer, our CEO, with no words, Mellon Foundation has been at the forefront as the size of the fish was the only statement she of conservation in America—supporting the needed to make. protection of nearly 3.7 million acres of the more than 8.4 million acres The Conservation Fund KiKu was the paramount fundraiser at The has protected across the country. The scale of Conservation Fund and a critical force in creating sustained generosity from the Foundation has and building the strength of our Revolving Fund helped make extraordinary strides to bolster our with our founder, Pat Noonan. With grace and Revolving Fund and protect places central to humor, she taught countless people how to our country’s unique outdoor legacy—from Civil engage in the important work of conserving War Battlefields, to our last large intact working America’s great landscapes. She was passionate, forests and the communities that rely upon them. persistent and utterly fearless. KiKu’s passing is Richard’s conservation leadership and vision has a reminder to each of us that the opportunity benefited all Americans. to advance her legacy is a privilege we should honor and cherish. © Jason Savage Our Supporters Keep Us Going Strong Gifts That Leave a Legacy In 2020 alone, over 5,000 individuals supported conservation projects across Many of our supporters choose to America. Their support helped us protect 187,000 acres of diverse landscapes—from leave a personal conservation legacy vast wilderness and sandy shorelines, to historic sites and community parks. They through planned gifts. From estate are the backbone of our organization, and we are so grateful for their support. gifts and annuities, to life insurance and

retirement plan designations, we are © Stefan Olson Photography available to help you determine the right A few of our longtime supporters would like to share giving option no matter your financial why they choose The Conservation Fund: circumstances or charitable goals. In 2020, we received legacy gifts From The Family of from the following individuals. We John K. Greene: “Land conservation feels like it has a more permanent impact are grateful to this special group of than other means to support nature. The environmental impact donors who chose to leave a lasting “My father was a committed is tangible. I can see it on a map. I can visit it. And I know that I’m gift to nature. conserver of land, forests and open helping make a difference. I give monthly to The Conservation spaces. Despite his great successes Fund because it’s a priority to me. Like saving for retirement, it’s Joanne M. Ball something that I want to make sure I do consistently.” in so many areas of his life I think he Virginia Bernice Bertram was always happiest in nature. Having Kevin Zentmeyer, Colorado Elmer J. Dreher grown up in Alabama he had deep John K. Greene ties to the land and to the people who worked it and eventually to the Melva Hackney “My greatest hope is for The Conservation Fund and other people who worked to conserve organizations to continue to find ways to protect nature and Sue Hillier it. In the 1930’s our family donated slow climate change with greater speed and support. I want John M. Kauffmann the property on Flagg Mountain my stepchildren, nieces and nephews, and their children James M. Majusiak to feel the amazement and peace I have felt through my where the CCC built a 55 foot high experiences in nature.” Arthur E. Ullrich stone observation tower. I know my father was very pleased that the Patti Lutz, Maryland final terminus of the Pinhoti and Appalachian Trail system would be on that very property donated “I strongly believe in The Conservation Fund’s mission and so long ago. His legacy gift to The am always impressed by the organization’s engagement in diverse and impactful work. Since my current job is not Conservation Fund helps to ensure directly involved in environmental activism, my contribution that his vision for that area continues.” to The Conservation Fund is my way of giving to a cause I am Johnny Greene, passionate about.” John K. Greene’s son Ai Yamanaka, New York

Your gift will support conservation that’s good for our communities and our economy. There are a number of ways to support The Conservation Fund. Choose one that’s right for you.

conservationfund.org 2020 Financials

COMBINED STATEMENT OF ACTIVITIES SOURCES OF FUNDS—2020 AND CHANGE IN NET ASSETS (in thousands)

From Our Chief For the year ended December 31, 2020 (in thousands). Land sales 106,449 Corporate contributions and 56,207 Financial Officer REAL ESTATE ACTIVITIES 2020 TOTAL mitigation Foundation contributions 25,522 Sales of conservation land to others 106,442 Federal grants 19,611 Contributions and grants 59,058 Carbon/Timber/Contract 17,581

Investment and other program income 43,581 State grants 12,378 Other contributions and income 12,179 Land contributed for conservation 7,526 Individual contributions 11,755 As Jay and Larry stressed in their opening letter, there is no time to waste in building Contract income 13,309 Land gifts 7,526 a better and more sustainable future for all Americans. In 2020, The Conservation Total real estate activities $229,916 Fund delivered on that urgent vision despite formidable challenges from COVID-19: NON-REAL ESTATE ACTIVITIES 2020 TOTAL • We completed more conservation work as measured by total revenue than in any period in the Fund’s history. Thanks to the incredible efforts of our staff and the dedication Contributions and grants 18,152 of our conservation partners, our total revenues rose 18% despite the upheaval across Investment and other program income 16,637 our society due to COVID-19 and other 2020 challenges. Contract income 4,502 • We successfully deployed almost all of our 2019 green bond proceeds and are on track to finish the initial slate of investments in 2021. In addition, some of the early Total non-real estate activities $39,291 project investments are already returning capital to the Fund that we can redeploy – demonstrating the unique multiplier effect of our Working Forest Fund. TOTAL SUPPORT AND REVENUE $269,207

• We ended the year with a small net surplus of revenue after expenses.

And most importantly, we are positioned for the future. We resisted the temptation to reduce EXPENSES 2020 TOTAL our organizational capacity during the worst of the COVID crisis, we have maintained a strong balance sheet and liquidity position, and we are ready and well prepared to extend Real estate program expense 236,855 USES OF FUNDS—2020 (in thousands) our mission for conservation given our society’s focus on climate change and the increase Non-real estate program expense 20,069 in federal funding for land acquisition. Management and general 6,421 Real estate program expense 236,855 Thank you to all our partners, funders and staff who have made this possible. Non-real estate program 20,069 Fundraising 3,514 expense

TOTAL EXPENSES $266,859 Management and general 6,421 Fundraising 3,514

CHANGE IN NET ASSETS $2,348

John Gilbert NET ASSETS, END OF YEAR $506,639 Executive Vice President, Chief Financial Officer Over 8.4 Million Acres Protected Since 1985

BOARD OF DIRECTORS NH 54,915

BOARD CHAIR Todd J. Carter Dr. Jill L. Long Thompson DIRECTORS EMERITUS WA VT California Indiana 10,708 Jay Winthrop Gilbert M. Grosvenor 232,034 ME 465,777 Connecticut Virginia MT ND J. Storey Charbonnet Thruston Morton 302,260 3,339 BOARD VICE CHAIR Louisiana North Carolina KiKu H. Hanes OR MN MA Jay F. Wagley (1927—2021) 96,373 392,969 8,808 Texas Charles R. Cherington Kevyn D. Orr California ID SD WI NY 136,226 7,388 492,934 Massachusetts District of Columbia 114,257 RI WY MI 108 PRESIDENT AND CEO Hadlai A. Hull 185,132 34,509 PA CT Lawrence A. Selzer Kimberlee R. Cornett C. Porter Schutt III (1914—2011) IA 145,107 1,404 Virginia Maryland Delaware Minnesota NE 5,652 NV 7,658 OH 1,241,984 IN 67,292 IL DE NJ UT 4,016 Julie G. Barker Luis de la Garza Daniel R. Tishman Charles R. Jordan 26,754 18,832 5,051 118,335 CO WV Texas New York VA Massachusetts (1937—2014) CA 278,755 111,524 KS MO 78,788 563,849 Oregon 1,750 12,452 KY Gregory A. Beard Paul E. Hagen James M. Whitehurst 43,097 New York District of Columbia North Carolina NC MD Hubert W. Vogelmann TN 236,223 171,652 327,192 (1928—2013) OK AZ DC Jennifer L. Hernandez CHAIR EMERITUS NM 13,204 SC David P. Bozeman Vermont 974,890 AR 3 139,167 172,955 Washington California Patrick F. Noonan 9,084 Maryland AL GA MS 25,289 168,090 Dr. Ingrid C. Burke G. Wilson Hughes 9,944 Connecticut Alaska TX 239,210 LA 211,355 AK 339,587 FL OFFICERS 168,484

PR Collectively, our officers have more than 650 years of conservation experience 11 HI US VI 4,662 Jay Winthrop Blaine T. Phillips, Jr. Monica Garrison David Williams 43 Board Chair Senior Vice President and Vice President, Finance Vice President, Technology Mid-Atlantic Regional and Treasurer and Chief Information TOTAL ACRES SAVED SINCE 1985 Jay F. Wagley Director, Conservation Officer Board Vice Chair Acquisitions Joseph A. Hankins 0-9,999 10,000-99,999 100,000-199,999 200,000+ Vice President, West Margaret A. McCants Lawrence A. Selzer Kelly M. Reed Virginia State Director Secretary President and CEO Senior Vice President, Government Relations Ray Herndon Christopher Bell Holly Cannon Vice President, Lower Assistant Secretary and Executive Vice President Matthew S. Sexton Mississippi and Gulf Coast Deputy General Counsel and General Counsel Senior Vice President Region, Conservation The Conservation Fund is one of the top-rated conservation organizations. We have and Southeast Regional Acquisitions Elizabeth G. Engle Richard L. Erdmann achieved Charity Navigator’s 4-star rating and are rated A+ by Charity Watch. We Director, Conservation Assistant Secretary and Senior Counselor Acquisitions Erik J. Meyers Deputy General Counsel are recognized as GuideStar Platinum, have earned the accreditation seal of the Vice President, Climate and Land Trust Accreditation Commission, and have met the Better Business Bureau’s John S. Gilbert Evan H. Smith Water Sustainability Paul F. Hurt Executive Vice President 20 standards of excellence. Senior Vice President, Assistant Secretary and and Chief Financial Officer Conservation Ventures Mikki J. Sager Deputy General Counsel Vice President, Director, William L. Allen, III Brian J. Dangler Resourceful Communities Jodi R. O’Day Senior Vice President, Vice President, Director, Assistant Secretary and Strategic Giving and Working Forest Fund Gates M. Watson Deputy General Counsel Conservation Services Vice President, Montana Thomas R. Duffus and Northwest Director Scott M. Tison Mark W. Elsbree Vice President and Assistant Secretary and Senior Vice President Northeast Representative Regional Counsel and Western Director, Conservation Acquisitions